OpenSea hits highest monthly users since 2023 as OS2 exits beta; trading volume remains well below previous highs

Last month, NFT marketplace OpenSea saw its largest active monthly user base since mid-2023.

According to data from Dune Analytics, the platform saw 467,322 users who made one or more transactions in May, matching levels seen in mid-2022 to early 2023. June may see a similar or even higher number of active users, as its current number stands at 236,091.

Despite the elevated interest returning to OpenSea, monthly trade volume on the NFT platform remains significantly below 2021 and early 2022 levels, prior to the NFT market's downturn. While last month had a volume of $81 million, January 2022 had a peak monthly volume of over $5 billion.

The surge in active users may be attributed to the official launch of OS2 on May 29, as well as users' expectations of potential rewards. The beta was exclusive to Gemesis NFT holders (a collection of 94,757 NFTs created by OpenSea in April 2023) and focused on testing new features

The testing phase of OpenSea O2 initially launched in beta on January 27, 2025, and has now become fully live. 

Platform users can now trade tokens and NFTs across 19 chains, including support for Solana's fungible tokens. OS2 also features a revamped rewards system called Voyages, which grants XP (experience points) for on-chain activities.

Users also expect their platform engagement to be a factor in a potential future airdrop of OpenSea's native SEA token, although the platform has yet to set a specific date. 

"I know you’re all hoping I'm going to answer the question, 'wen TGE?'" OpenSea CMO Adam Hollander said in a blog post last month. "There are releases and innovations coming that will surprise you. The Foundation considers it essential to have several of these in place before launching the token, ensuring utility and staying power."

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